Bolivias President Evo Morales said on Friday that his government will partially take control of the country's mining sector.
"We are discussing some deep reforms that will allow investors to recover their investments, but they will have to make an economic contribution to the state," Morales said during the Common Market of the South (Mercosur) summit in Rio. "As I said before, we need partners, not bosses."
Bolivia has significant reserves of tin, zinc, lead, silver and gold. Additionally, the El Mutun mine is estimated to have one of the world's largest iron ore reserves.
Eaglecrest Explorations, Apogee Minerals and Orvana Minerals Corp. are among the foreign mining companies operating in Bolivia.
In May 2006, Morales nationalized the country's natural gas industry to recoup revenues.
The move followed last week's decision by Venezuelas President Hugo Chavez that his government will nationalize the country's telecommunication and energy sectors.